tv Varney Company FOX Business June 6, 2019 9:00am-12:01pm EDT
for every dollar spent it's 1.7 times multiplier. what's wrong with infrastructure? >> we want government to invest all our money, right? maria: can we pay for this? it's not $2 trillion of federal money. >> no. maria: have a great day, everybody. thank a veteran today. stuart, take it away. stuart: yes, indeed. good morning to you. good morning, everyone. june 6th, it's called d-day. the day we commemorate the invasion and liberation of europe 75 years ago. president trump went to the beaches of normandy to honor those who sacrificed so much for our freedom. some of the surviving veterans were there to hear the president say this. your legend will never die. it was a moving ceremony and you will be seeing more of it throughout our program today. here at home, developments on trade. mr. trump says he's ready to impose tariffs on another $300 billion worth of chinese goods coming here. in washington, talks with
officials from mexico resume today. no deal yet. tariffs could hit monday. however, the president says he feels that both china and mexico want to make deals, and mexico's president lopez obrador says he's confident a deal will be reached and tariffs won't be imposed. that is being taken as a positive. look at this. stocks going up again, okay, not much, 15 points maybe for the dow industrials but remember, tuesday, the dow was up, what was it, 500. wednesday, 200. on this thursday morning, we are going up just a little bit more, maybe. we'll see how it goes at the opening bell. for many people, i've got to say, this is the more important market. oil. $51 a barrel as we speak. that is a very low level. it implies very important here, the price of gas is about to fall dramatically. that's why oil is such a big deal for so many people.
the national average for a gallon of regular right now is $2.78. listen to this. last time oil was at $51, the price of gas was $2.24. in other words, keep an eye on the pump price. i think it's coming down sharply and very soon. big news. here we go. the special d-day edition of "varney & company" is about to begin. today we remember those who fell and we honor all who fought right here in normandy. they were fathers who would never meet their infant sons and daughters because they had a job to do and with god as their witness, they were going to get it done. you are the pride of our nation. you are the glory of our republic and we thank you from
the bottom of our hearts. stuart: yes, we do. that was president trump earlier this morning commemorating the 75th anniversary of d-day landing at normandy. we will have much more on the d-day events with general jack keane who joins us in about ten minutes. in our next hour i will give you my take on the president's visit to europe. i say this could be a teachable moment for the europeans. they want to know how america has such a dynamic and prosperous economy. our president could tell them how it's done. it's thursday morning. we are going to be up just a little on the dow, not that much. we have had a two-day very big winning streak. joining us, market watcher michael o'keefe. welcome back to the program. >> hey, thanks. stuart: i'm going to say it again. it just feels like the market wants to go up. >> yeah. little bit of relief, right? the comments about trade and
tariffs, you look at the issue with mexico. i was thinking about it. when the president announces something like that, market participants, we market participants have to dig in and say what would 25% tariffs mean. it's a very negative thing. fed steps in and says maybe they will relieve, they will cut rates if that happens, then you start digging around and you realize you know what, they are really trying to negotiate a deal so the idea that maybe we will get through the weekend and in fact have no tariffs, there's a sense of obviously nervousness that comes from that, then relief. day-to-day volatility. stuart: i'm a normal everyday investor like many people. i'm not thinking of selling. >> no. stuart: i don't feel like getting out in a panic. not at all. i'm prepared to stay in, hold what i've got because i think i'm not going to lose much money this year. i might even make a bit more. >> that's right. modestly higher from here. looking through the fundamentals, at the end of the day the market's going to move based on two things, earnings and the ratio, price-earnings
ratio. earnings are projected to be up over 3%, after a record year last year, up another 3% or so this year which is pretty good. but i think what's also important is from a pe valuation perspective based on forward-looking earnings, we are a little less than the five-year average. stocks are certainly not overvalued. they are probably a little bit cheap. those are two reasons to think about the market going higher from here. with that, volatility. day-to-day we see this news the market's going to jump around. stuart: it's very hard to convince someone who is not maybe an active investor that stocks at this moment are a little bit cheap. this may be out of your territory, but i was going on there at the top of the show about the likely sharp decline in the price of gasoline. is that a factor at all in the stock market? >> well, you know, the way i think about that, obviously on one hand you have investment in energy and what does the price of oil do to that but the bigger picture issue in my mind is the
consumer. when you talked about the price of gas falling, we have a consumer that right now is really very supportive of the economy and activities ultimately translating through to earnings, and when they see the price of gas fall, that's just another sort of arrow in the quiver of support for that, right. it's going to give them spending power to spend money elsewhere. stuart: i'm right, it's a big deal. >> i think it's important. stuart: excellent. you will be back. thank you very much for joining us. now, on the eve of the 75th anniversary of d-day, senator elizabeth warren, presidential candidate, compared climate change to world war ii. watch this. >> america's faced huge challenges before. world war ii. put a man on the moon. this environmental catastrophe bearing down on us may be the biggest challenge yet. stuart: i think it's time to bring in charlie kirk, the guy
who started turning point usa. i honestly thought that what senator warren had to say there was extraordinary stuff. incredible virtually. what do you say? >> i think it's despicable. i think comparing the sacrifice of the brave heroes that stormed the beach so valiantly with so much courage, comparing that to climate change, i mean, it's almost hard to put into words. i think if you actually look at the democrat party they are always looking for one crisis to the other. they look for a crisis that they can politicize, then they can get power because of that crisis. it's too bad that right near this moment you jauveust can't let's not compare the greatest act of valor in western civilization history. stuart: senator warren would have a point if we all do believe that ten years from now, the earth's existence is in peril. but i don't think many people do believe that. i think what this amounts to is essentially a scare. what do you say? >> yeah, exactly.
this is a trick that is used by many politicians but especially on the left right now. they always say look at something that can be widely misrepresented and misunderstood to try to get political power for themselves. this is nothing more than a way to try to take over massive sectors of the american economy. they don't actually, it's not really about the climate, not really about the environment. it's about the political control that comes with it. it's about getting the votes and using people's inherent love of the world and the planet and the environment to try to get themselves into power because of it. stuart: listen to this. aoc, alexandria ocasio-cortez, wants big money to fight climate change. i'm going to quote this for you. i know it's a ton, i don't think anyone wants to spend that amount of money, it's not a fun number to say, i'm not excited to say we need to spend $10 trillion on climate, but it's just the fact of the scenario. again, what do you say, charlie? >> my response is she says it's a minimum $10 trillion. then she wouldn't take $9.5 trillion? give me a break. has she thought through a line
item budget what this would be? she is trying to throw out massive numbers, just throw money at the economy and hope it will improve the environment. unfortunately, for the left they don't know how to respond to this economy. they are lost. stuart: she's had remarkable impact, though, on the presidential candidates. look at joe biden. joe biden has a climate plan that is very very similar to the green new deal of aoc. >> stuart, that is exactly right. i made this point a couple days ago. she has commanded the entire attention of the democrat primary. why is biden, why is warren, why are they talking about climate change so much? because of alexandria ocasio-cortez. she is the center of gravity of their party right now and the failure to recognize that really shows that the democrat party's not the democrat party of the last 20 years. this is a party full of anger and revenge and radicalism and extraordinary policies with a price tag up to the sky is now going to be what every single candidate on that debate stage will have a competition.
at what point, how radical can they get. stuart: look, i don't think voters are prepared to sacrifice. i don't think voters are prepared to go full tilt and $10 trillion or $90 trillion, whatever the number, they're not going to sacrifice for some perceived future gain, especially while china can keep on polluting as it wishes until 2030. i just can't believe this is a vote winner. >> that's exactly right. i fail to see exactly beyond the democrat base that is so angry no matter what you throw at them, as long as it's against trump, they will support. how this will win over voters in pennsylvania, ohio, wisconsin. here's the final point. you think joe biden wants to be talking about multi trillion dollar green new deal type stuff? he's being forced into this conversation. he's being forced by aoc and the radical base of the democrat party to talk about these type of issues in a way that makes him very uncomfortable. he would rather be talking about more kind of just i think center left policies where he's been
the last 30, 40 years. he's not the radical the base is demanding he become. stuart: politics is fascinating. to this day, it is fascinating. thanks for helping us cover it. charlie kirk, everyone. turning point usa. look at futures again, please. we are virtually dead flat, up 13 for the dow, maybe five for the nasdaq. this comes after two big days of gains. amazon, big announcement. they will be using drones to deliver packages to homes within months. that's the point here. they are off and running, within months, drone delivery. here it comes. uber wants to use helicopters to get people from manhattan to jfk and they say just the beginning for this new service. we will tell you how much a chopper costs. manhattan to jfk. what do you think? i know what their service is going to cost. arrests at the border skyrocketing. border agents calling it a full-blown emergency. just wait until you hear how many migrants were arrested last month. huge number.
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stuart: make no mistake, there is a crisis at our southern border. apprehensions truly spiked just last month. give me the number. ashley: 132,887 apprehensions, the highest monthly total in more than 13 years. april, by the way, was 99,300. may saw an increase of 33%. included in that was 58,474 families apprehended last month. in the fiscal year up to now which began in october, nearly 600,000 apprehensions. it is a full-blown emergency as border patrol calls it. stuart: i don't think it's too much to ask of mexico's government to do something about this. if you don't, well, we are going to hurt you. i don't think there's anything wrong with that at all. i'm sorry. i don't think there's anything wrong. you've got to meet a crisis with action. the president is doing it.
i'm going to move on to something completely different. the anniversary, 75th anniversary of d-day is today, of course. president trump spoke at normandy earlier this morning. roll tape. >> -- more powerful than the strength of american arms was the strength of american hearts. these men ran through the fires of hell, moved by a force no weapon could destroy. the fierce patriotism of a free, proud and sovereign people. stuart: general jack keane joins us now, retired four star general. a pleasure to have you on the program today. a question for you. do you think that britain and america would respond today in the way that they responded back then to that threat?
>> if we had an existential threat like they were facing, certainly we would. warfare is very different today, with precision guided munitions. it's unlikely we would ever conduct an amphibious assault on a scale like that because of the weapons available to our adversaries but yes, in terms of what we are really looking at here, what's a reflection of the success there in terms of the tenacity, the perseverance, the courage, the political and moral will of the people behind them, yes. we still have that and thank god for it. stuart: i was listening to the president who was speaking to emanuel macron of france just a moment ago and our president was saying the first wave of troops to hit the beaches, there was a 92% death rate. 92% were killed the first wave. and they didn't establish a bridge head and break through to establish a landing ground until the sixth wave. i find that astonishing, general. >> yeah. he's likely talking about omaha beach which was the toughest
beach in terms of the assault, and those casualties were very high. omaha beach, as you know, was depicted in the movie "private ryan" and anybody who participated in that testifies that that movie was very accurate in terms of the horror that they went through. i mean, these troops, they were by definition common american people who were asked to do something that was fundamentally uncommon and quite extraordinary, and as you just mentioned, they literally assaulted into hell. they came by parachute early the night before, by glider, they came by landing craft, they were supported by naval bombardment, by bombers and fighter aircraft, but at the end of the day, it really was their will to keep moving forward despite the horror of what they were facing, despite what was happening to their peers and their buddies. they had never, ever seen anything like that. most of the people participating
in this operation had never participated in something on this scale before. they had never been under significant artillery fire, had never been under significant heavy machine gunfire from cement-fortified positions. really quite extraordinary. but they kept moving forward. stuart: general keane, pleasure to have you on the program today. very important to have you here. we thank you very much indeed. left-hand side of the screen, this is breaking now, video, rather raw video of president trump's lunch with emanuel macron. i think we have some sound here. listen in, please. sorry, i do apologize. it was just basically pictures. there may be a few comments around the table there, nothing substantive. we have just gone to black there. the lunch is about to begin. earlier, president trump said he would be discussing trade and
military matters with emanuel macron when they have their working session around that lunch. again, look at futures. please remember, tuesday, up 500. wednesday, up 200. this thursday morning, we are going up again just a little bit at the opening bell. 20 points up for the dow. six for the nasdaq. back in a moment.
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stuart: okay. there's uber's stock, just a fraction down today, just a fraction away from its offering price when it did the ipo a few weeks ago. here's the news. they are going to offer helicopter rides in new york city and they're starting next month. all right. let's first of all deal with the new york city deal. from manhattan to jfk, how much? deirdre: $200. it starts around the staten island ferry, eight minutes later you get to jfk. $200. five people in the helicopter, maybe baggage fees are coming soon. i think it's a good price because you are saving time and it's expensive to take a regular uber or taxi to jfk, especially when you are in traffic. stuart: only certain uber people? >> you have to be a platinum or diamond member in order to be able to take this as they start this program. we have been talking, this is the first down day in five days for uber.
they are heigright near the ipo price. we are talking about the different businesses they have. this is multi-modal. it's a car that takes you to the airport, then to the terminal. stuart: okay. they might extend the service to other cities later. i hope they do. check the market, please. we will be opening up in about five minutes time. ashley: choked up about it. stuart: the dow is -- oh, we are going to be up 20 odd points for the dow industrials. ashley: it's going to be all right.
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can i conclude that we are going to head rapidly south towards $2.20, $2.30 because where oil is now? >> probably not that far. of course, it would have -- we would have to see oil prices remain that low for a longer period of time for gas prices to fall that much, but keep in mind we are also on the summer gasoline which does tend to cost more and demand is still relatively healthy. i think we could call into the 2.50s so long as oil prices don't move out of this range. stuart: we will take 30 cents a gallon less. we will take it very happily. thanks very much indeed, patrick. we always like to have you on and we appreciate it. we are off and running. it's thursday morning and the markets are open and the dow is up 26 points. modest gain there. 29, 30 points. how about the s&p? a fractional gain there as well, i think. yes, tiny fraction. as for the nasdaq, where is that at the opening bell? it is up a tiny fraction, nine points. the ten-year treasury yield is this morning 2.11%.
interesting, look at the price of gold. we are all the way up there at $1338. it's making some progress, flight to safety. no inflation but maybe the flight to safety is working. $1339 on gold. joining me now, scott martin, rebecca walser, susan li, ashley webster. let me just develop this theme about lower gas prices. scott, if we are right here, our prices really come down sharply, will that help, a, the economy and b, the market? scott martin? >> yes. definitely. especially when it comes to consumer spending, stuart, because we know, we have seen history tell us that when gas prices go up, that's like an additional tax on the consumer and it takes away spending that goes to other places. as you talked with the gas buddy guy previously there, the fact that oil prices, too, i agree will hang out around this level if not go lower because we have an energy policy for the first time in decades in this country means good things for the consumer over the summer. stuart: what do you say?
>> scott shellady says it's the most direct way to put money in your pocket. it does make a difference, especially in the busy summer season. stuart: it just makes me happy. simple as that. susan: it also makes companies happy as well. it cuts down their expenditures, given that we saw the lowest read when it comes to private sector job ads last month, the month of may. i think the economy might need it. stuart: it would be nice if it gets a little flip. that would be good stuff. the major averages, stocks have been on a two-day big-time winning streak. rebecca, come on in, please. have you got that feeling again that the market just kind of wants to go up? >> i think so, stu. they are bearing all the weight of everything that has happened. the federal reserve promises have been helpful and gas prices are super helpful and certainly deter any kind of tariff talk right now. i'm really excited about that. i think investors feel the same
sort of excitement. stuart: it's not exactly an exciting opening, because the dow is up all of two points as we speak. nice gain for -- well, little bit of a gain for the nasdaq. at the moment it's steady as she goes with the dow up three points. i want to talk about amazon. look at the stock. it is down again today. amazon is off. they are going to begin delivering packages by drone, here's the quote. within months. in other words, here it comes, within months, drone delivery. susan: well, this is expected. they actually lost the lead when it comes to faa approval for drone delivery to alphabet and google but here we go. looks like they are ready and they said they will deliver packages under five pounds to customers in less than, what, in 30 minutes. can you believe that? 30 minutes. stuart: drones can fly up to 15 miles. i haven't got the details but it has to be rural areas, i would assume. susan: at first, for testing.
>> where nobody orders anything. stuart: where nobody orders anything. susan: in three to four years, they are on target, shall we say. stuart: not helping the stock. amazon along with google and facebook has been under pressure because of government threats of antitrust action. bear that in mind. amazon is down to $1729. the big board now shows again, steady as she goes. not much gain. nine, ten points up there. let us get back to google. they just closed a deal to buy a data analytics firm, they will pay $2.6 billion. no impact on the stock. in fact, the stock again, because of government antitrust pressure, down some more. hertz launches a $1,000 per month car subscription service, maintenance, roadside assistance, some insurance coverage, all included in that price. no impact on the stock. smuckers sales miss the mark and the stock is down 5%.
higher profit and sales at five below. two investment firms have raised their price target for the stock and it is up about 2.5%. no major moves we have seen thus far. how about beyond meat. no, not a major move, it's actually down a couple of bucks there. the stock has been on a tear since the ipo. now it's going to report profits later today after the closing bell. so rebecca, did you buy it on ipo day? >> no, i did not. but the best ipo in almost two decades so far. it's obviously done extremely well but you know, little concerned here just about the valuation. $6 billion on market cap when that's 29 times the sales they expect this year. this stock has to perform for a long time in order to actually justify its valuation. stuart: scott martin, do you think beyond meat has peaked? >> it's a little beyond reality at the moment, but here's the thing. the company doesn't even make money yet.
i'll tell you, the food's good. i hate to say it, or i should say as a carnivore, the food tastes pretty good and it can trick people into thinking it's real meat. i have to give them props there. only thing i will tell you, this space, given how well they have been doing and the fact you have mcdonald's and burger king and other restaurants talking about using them, it will introduce more competition. so as beyond meat gets more competition, that's probably going to impact the stock to the down side. stuart: you realize you just said the food's good and the stock dropped half a percent. i'm not blaming you. susan: barclays says the meatless trend and this meatless market will be worth $140 billion over the next ten years. right now we are at $14 billion so there's growth being priced in. again, valuation i think is important since we are looking at a loss of $7 million expected after the close. we are sitting at a valuation of close to $6 billion. you have to really figure that out. stuart: that's an extraordinary prediction. $100 billion, did you say, in how many years?
susan: $140 billion in ten years. stuart: $140 billion -- susan: almost ten times over a decade. stuart: i'm not sure about that. i just don't know. wouldn't surprise me in the slightest. shall we show everybody google, as in alphabet. they have the youtube division, of course. they are going to get rid of what they call hateful videos and hoax videos. it's kind of like, how do you do that? ashley: very difficult. stuart: how do you decide, you have to have a team of censors all over the place. >> think of the money it costs. stuart: what do you say, scott? >> like susan said, think of the money and the people power this is going to cost to just monitor this stuff. look what's happened with facebook live stuff. when they were even aware stuff was getting posted or people were doing things on facebook live and taking them down and people would repost them, it's a hard thing to catch up to. not only on cost and people but it's also something that just goes to show you this problem
we're facing at least at the social media companies is a lot tougher to kind of rectify than i think we originally expected. ashley: they have rules and policies but consider this. more than 500 hours of new videos are uploaded every minute. stuart: every minute. ashley: every minute. stuart: i don't know how you monitor that. susan: monthly visits of 1.5 billion people. it's very hard. stuart: rebecca, let me bring you into this. here's the question to me. amazon, google, facebook, all facing the challenge of being looked at by the government for antitrust grounds. would you buy any of those three? >> i mean, long-term i think they are going to work out. they do have massive platforms that everyone uses. but i am concerned certainly about censorship competition. censorship is a problem. this is going to get resolved by the supreme court, whether these are publication platforms or not.
it's going to be resolved at the supreme court and it needs to be because when you start getting a private group that basically is the only group that can go to that type of platform, google, facebook, and certainly youtube, then you decide, you have your internal people decide, they are talking about borderline content too, now. they will even remove borderline content. what does that mean? what are the rules there? that's just a big problem for our democracy and for everyone. i don't think we need somebody else deciding what content we can and cannot watch. stuart: i have another big picture question about car companies, automotive stocks. the news here is that the proposed merger between chrysler and renault is dead. rebecca, back to you for a second. i wouldn't buy any automaker stock anywhere in the world at the moment. tell you why. there is so much capacity to produce cars which people are not going to buy. i wouldn't buy an automobile stock. what do you say? >> yeah, i mean, you're right. this is sort of reminding me of
the u.s./china negotiations. they went into the boardroom thinking they would have a deal, they would negotiate with the french government and found out it was really nissan that was pulling all the strings. that is the problem here, is that nissan was not on board. they have a long-term alliance, 20 years. renault owns 40% of nissan, nissan owns 15% of renault. they share a platform. they needed this deal, they thought, because of electric car making, you know, expense and battery operated cars and self-driving cars. they were trying to get into an alliance that would basically allow them to do that and compete in the future. nissan is really putting the kibosh on this. stuart: we are out of time, i'm afraid. thanks for joining us. it's 9:40 eastern time. there you go. see you again real soon. check that big board. modest gain at best. 32 points up for the dow. very early going this thursday morning. i.c.e. officials warning that students from iran, russia and china are stealing secrets
from our universities and research centers. that's a good story. we're on it. white house economic adviser kevin hassett getting ready to leave his position. could stephen moore be the guy to replace him? up next we ask mr. moore if anybody from the administration has contacted him about that job. and pete rose, he made a big impression on this show yesterday. i think he should be in the hall of fame. he's been in baseball purgatory long enough. that's my opinion. my take on that during our 11:00 hour and first, watch this, please. >> i was pretty lucky because i got to play in my hometown. i was born three miles from the ballpark in cincinnati. so every night i played, i felt like i had iced tea with everybody that's in the audience. truecar is great for finding new cars.
stuart: we are 14 minutes in and we are up 32 points for the dow, 25,500. that's where we are. earlier this week, white house economic adviser kevin hassett said he's leaving his position. joining us now, stephen moore, economist with the heritage foundation. all right, has anyone in the administration contacted you about kevin hassett's job? >> good morning. well, no, no one has. i did speak to the president a couple weeks ago, long before we knew that kevin hassett was leaving. i may do something at the white house or on the campaign, but look, i already went through this confirmation hassle. i don't think i'm going to do that again. stuart: there is no confirmation required for the white house economist job. >> i believe there is. let's check on that.
kevin told me he went through senate confirmation. but you know, i'm going to throw out first of all, two things. one is kevin hassett is almost irreplaceable. he's an amazing asset for the president, on the tax cuts, on the deregulation, scoring out all of the proposals the president has come forward with on trade. he has been, i just want to tip my hat to kevin. what a great, great economist he has been for the president. by the way, the fact that we have wrapped up growth on 1.6% under obama, 3.2% under trump, kevin can really take a nod for that. now, i'm going to throw out another name for you if i may. okay? you ready for this one? because he's a regular on your show. he's going to win the presidential medal of freedom. how about arthur laffer as the president's chairman of the council of economic advisers? stuart: i think that would go down well in many counts. i do. that is an interesting suggestion. now, the president, i don't think he's watching the show
right now because -- >> he's in france. stuart: he's in france, may be flying to ireland as we speak. we will bear that in mind. we will take that little sound bite clip from you there and see if we will run it again later and see what he says. >> look, laffer, i know from talking to the president that he thinks laffer is the best economist in the country. he would love to have arthur. the question is, what you and i need to do is put the pressure on laffer to accept the job. okay? stuart: he's a great grandfather many times over. >> i know. he's a great grandfather. by the way, june 29th, i mean june 19th is a great day when he will win the presidential medal of honor. we want you to come to the hotel. we are having a big blowout party for maybe the most influential economist of the last 50 years. stuart: okay. that's an interesting invitation. >> the whole crew. the camera crew, all the guys. stuart: i have to ask at least one substantive question here about the economy.
we've got a weak jobs report from adp. tomorrow is the big jobs number. i don't know whether it's going -- what do you think it's going to be? weak or strong or what? what's your forecast? >> the economy is slowing down. there's no question about it. we had a really great gdp number for the first quarter. so far in the second quarter, 2% or less growth. look, that's in large part because of this trade war. i'm someone who supports what trump is doing on china. i think we've got to have a victory here. we cannot go on with this abusive relationship but in the short term, this is going to cause some pain. we are seeing that in the small business numbers. i think we are going to get probably weaker than expected employment -- stuart: should the fed cut interest rates? >> yes, but not because of the trade war. i was just looking at your charts on the tv. look what's happening with the oil price and the price of soybeans and all these commodities are falling in price. i have been saying this for six months, that we have a slight deflation in the economy, that's bad for growth. we need to get more dollar
liquidity. we should definitely cancel the december rate increase which was a quarter percentage point, and maybe do another one, another rate cut after that. trump, by the way, has been exactly right about this. he's not an economist but he just has a feel for the economy and he was exactly right and that's why he wanted herman cain and me on the federal reserve board because we understand you got to have juice for the economy to keep it growing at 3% to 4%. stuart: we will take june 19th under consideration. thanks for being on the show. see you again soon. back to the market. where are we? we are, what, 18 minutes into the trading session and we are up, what, 26 points. there you have it. the majority, about two-thirds of the dow 30, are in the green. now, congress is going after the video game industry. bipartisan support here for a bill that would ban add-on purchases in games that target kids. you know that's how they run up the check. congress wants to ban that. can't do that, they say. the bill's supporters say these
york. there are multiple vehicles involved. at least one west point cadet has been killed. we are going to bring you more on this story as it develops. what a tragedy on this d-day, 75th anniversary. as we told you yesterday, there are clearly big problems at the video game retailer gamestop. console sales way down. people are not buying games on disc, they download them these days. look at the stock, five bucks a share right now. the host of "game of world news entertainment" with us now. does gamestop, i know you're not a stock market analyst, ni know that, but does gamestop, the company, does it survive? >> you know, if i was a betting man, i would say that gamestop is not going to be able to survive because like a lot of other brick and mortar shops it's not able to answer the fundamental question of what do you do as a brick and mortar shop in the age of digital. you look at all the trends that are going on within the video game industry and the main one is that tech companies are getting in there and if you look at the decline of retail in
general, that just coincides with the ascendance of tech companies and they bring so many disruptive technologies none of which are beneficial to gamestop. if you look in the past, with the introduction of smartphones, that led to a mobile gaming boom but the reality is that gamestop was actually left out of it because most mobile games are free to play and the ones that are paid are sold to the digital storefronts. currently, there's this gaming revolution that's going to be on the horizon and all this stuff basically excludes gamestop. it will be very difficult for them to actually turn the company around. stuart: okay. this that's a long answer to tell me you don't think much of the company. there is a bill in front of congress that would ban the purchase of these add-ons within video games. i believe they are called loot boxes. you pay more to enhance your position in the game. they want to ban that. a, why, and what's wrong with that? >> okay. so loot boxes are kind of interesting. they are basically like digital purchases that you make and when you open them, you get different items within a game. you can get cosmetic skins and
weapons and it tends to vary across games but there's a couple of common themes with loot boxes. the first is that what you actually get out of these boxes is randomized and secondly, usually the best loot are among the rarest. if you think about this, if you purchase a loot box, you might not actually get what you want which tends to motivate more compulsive buyers to keep buying more and more loot boxes and some consider this to be akin to a form of gambling. this is why this legislation has come about. there are efforts to regulate loot boxes throughout the world. stuart: do you support it? >> i do, actually. i think when you are dealing with these kind of video game addiction mechanics, most video game developers are leaning more towards using these mechanics because the video game industry is so competitive and they need to recoup the costs of video games development. stuart: if you stop people putting in the extra money you take away a big source of revenue for the gaming company, don't you? >> right. you do. but the reality here is that from what i understand, of this bill, it's seeking to ban loot boxes and pay to win mechanics.
it doesn't necessarily ban microtransactions so there's a lot of easy ways for video game companies to adapt. the main issue that i have is i don't think that you should be using loot boxes and these other forms of addiction mechanics in games that are meant for children because their minds are so plastic. stuart: well said. our resident expert on the gaming industry, tian, thank you very much for joining us. >> thank you, stu. stuart: check the big board. tiny, modest gain for the dow industrials after 26 minutes. we are up 11 points. we are up 12 points. 25,551. the meatless burger trend shows no sign of slowing down. one company is capitalizing on it. actually lots of them are capitalizing on it. this one is called beyond the butcher. they are launching a whole new line of meatless products big-time. the ceo is on the show next hour. president trump meeting with france's emanuel macron this morning. i think this could be a teachable moment for the europeans. they could learn a thing or two
stuart: i think we'll get news on mortgage rates in three seconds. i say three seconds. boom, there you have it. 10:00 eastern time when we're allowed to release the mortgage rate. ash? ashley: 3.82% on a 30-year fixed mortgage. that is a 21-month low. it is the sixth straight monthly decline in the mortgage rate. not only is it good for people trying to get into the housing market. you've been talking about this, people may want to refinance their mortgage, save some money. there are $2 trillion of the outstanding conventional mortgages would be eligible to be refinanced. there is plenty of opportunity out there for people to refinance that could be a big part for those. susan: comparison, 4.54 a year
ago. higher end, higher end of the housing market is probably more sensitive to drops in mortgage rates. stuart: would i imagine that is true. bring in the money guy, jim awad, he is with us. this is a very low mortgage rate. people like you and i remember a lot higher than this. let's dwell on the refi theme. >> yeah. stuart: if i have an adjustable rate mortgage, i'm a couple years into it, i might be facing a nasty hike in a couple of years, why not go to a 30-year fix at 3.80, be comfortable for 30 years? >> i think anybody with a long-term time horizon understands we have extraordinarily low interest rates at this point and it is impossible to forecast where they will be in three, four, five, 20 years. absolutely a gift horse to the mouth. it should be stimulus for the economy. we'ring a lot of help in the economy to counteract
uncertainty in the tariffs. stuart: will that show up in the market? >> bade on the fundamentals, market wants to grow up. interest rates are low and going down, supportive of valuations. tariff issues create uncertainty for businesses and supply chains. we're capped on the political stuff. but on the economics, the market wants to go higher. stuart: you consistently said the market is going up. that was right, that is predicated on fed and trade. you're still there? get the trade out of the way -- >> absolutely. get trade out of the way we'll make new highs. i did expect we would have a china deal with some sort of a truce by this point, certainly by the end of june. mexico came out of nowhere. i think we can deal with long-term battle with the chinese, readjust supply lines, but mexico would be highly disruptive to the economy. if we get to next monday, tariffs go in, it will be a short-term problem for the
market. let's hope cooler heads prevail. we want to go higher. the economy is in good shape as long as we don't self-inflict our wound. stuart: jim awad. thank you very much indeed. we dealt with the 3.82% 30-year mortgage rate, that is a very low rate. look at the markets. no added gain for the dow from that low mortgage gain. no impact whatsoever. the dow as we speak is up 18 points at 25,556. now this. president of -- president trump is in france. joining european leaders commemorating the 75th anniversary of d-day. angela merkel is there. so too is emmanuel macron. this could be a teaching moment for the europeans. they want to know how america has such a dynamic and prosperous economy. oh, this is a priceless opportunity for president trump to tell them how it's done. those european leaders are
facing a revolt from their own people in response to the deep malaise that is affecting the entire continent. think of this, on tuesday in berlin business leaders confronted angela merkel, face-to-face. the germany economy is sliding towards recession. the cost of energy is astronomical. close to six bucks for gas. the business guys demanded tax cuts for business like america. the top business leader went right at chancellor merkel, said you squander ad large part of trust people placed in you. no country in europe shows robust economic growth. the whole continent is slowing down. italy is in recession. taxes are high everywhere. they have what is called a value-added tax over there. it is likes a sales tax, on everything. it is about 25%.
repeat, 25%. and by the way, if you lend money to the government over there, you don't get it all back. no, in europe today you pay governments to keep your money. it was supposed to bring growth. simply hasn't worked. they have a lot to learn. they don't want to listen to president trump. they just don't like the guy but he is the man with the ideas, like, start fighting climate change with cheap american natural gas. grow your economies with tax cuts. liberate business by cutting regulation and defend yourselves. quit mooching off of us. president trump is anything but shy. he is going to get into it with the europeans, so he should. they are a mess. we are not. tell them how it is done, mr. president. you're missionary. second hour of "varney & company" is about to begin. ♪
stuart: there was some hilarity in the studio when i mentioned the word missionary. >> my driver called him the messiah. stuart: he was a trump supporter i take it? >> yes. stuart: dow shown sitting quietly on my right side. you heard what i had to say there. >> i did. stuart: i think the president is a missionary. i think europeans should listen to what he has got to say, don't you agree? >> i'm happy for the europeans to do more and promote free-market capitalism. i hope president trump learns the lesson what he saw in normandy, omaha beach about the need for european cooperation with the united states to push back against our adversaries like rush share, look. how many american presidents gone over there, have very nice photo-op opportunities, shook hands with the leaders, big smiles, everybody is very happy
and they do absolutely nothing. they will not defend themselves. they will not turn away from cradle to grave socialism. they will not have a central bank that stimulates growth. they haven't learned a thing. >> i'm talking about foreign policy i'm very worried if we don't work with the europeans in a central way to stand up to the emerging russia and threat, jim was talking about the china trade deal and being worried we don't get a deal. i think the west has to hang together. sure we have differences. unless we have a stable alliance, we as a nation, europe as a continent is weaker. stuart: i don't think mr. trump upset the balance at all. he just told them what they should be doing. there is nothing wrong with that. >> what is wrong, it is an alliance. it is not a missionary society. stuart: we lead that alliance. we are leading that alliance. it is their fault if they don't want to follow.
>> donald trump has been vacillating on the importance of the alliance over the term of his presidency and i would like to see as president macron said yesterday, reassertion of our common values, economic, social, political, and our commitment to restrain our adversaries. >> i would like to see them pay for their own defense. >> germans are up 2%. stuart: no germans are not. they are at 1.2, 1.3, 1.4. they promised to go to 2%, they have not done it. angela merkel will not do it. >> all pushing in a context of an alliance that is solid. stuart: i think you're losing this one, doug. >> i don't think i am. talk to your friend vladmir putin. stuart: oy. >> who is pleased with the fissures that we see in europe. that is just a fact. stuart: my friend, putin? >> i say your friend, meaning he is not our friend.
he is an adversary. he is taking advantage of the divisions between the united states and the europeans to the advantage of himself and the chinese. it is an emerging alliance. it is threatening us and hurts our well-being and freedom. stuart: stay there. >> go to venezuela. stuart: stay there. back to james awad. i say the europeans could learn a lot from us, am i right? >> absolutely. postwar economic history, capitalism trumps the welfare state every time. that doesn't mean it has to be unbridled capitalism but the capitalism model with proper governors around social behavior, absolutely history shows it is the best model. why we have our system and our strength. stuart: this system is simply not sustainable, it is simply not sustainable. they're taking action on climate which is ruining germany in particular. >> they're slipping into no growth and giving rise to nationalist parties, various
right and left-wing parties, losing the center. their future is not bright. that is why the dollar is so strong and why people are willing to buy u.s. treasurys at even 2% yield because they want their money in america. we still remain the beacon of the world. stuart: we do indeed. grad you said that, james. i am back to my good friend doug schoen, i do read his stuff and reading about what you're saying about joe biden. you say he is regarded as the most moderate. >> i think he is. stuart: what about this "green new deal" thing he came out? that is radical environmental socialism. >> it's a lesser, less substantial program than aoc's "green new deal," but he is in the democratic primary with a lot of leftists, stuart, who are progressive and indeed socialist. they don't buy the very good advice that jim awad gave about what works and what doesn't and biden is just trying to protect
his left flank. if he doesn't plagarize, stuart. that to me is more serious problem. stuart: i don't care about that. >> a lot of voters do. stuart: if he gets in, follows this policy, massive tax increases, massive shift in our economy, none of it sustainable, all of it disasterous. >> it is a much smaller program than what aoc, a number of people have proposed. that being said i counted four or five trillion dollars that is -- stuart: still in there? >> yeah. a few, look it is an issue. you raise a fair problem but look, i know the left and the democratic party. we talked about it. had he not done something like this, he would have be even more vulnerable. that is a weakness of my party. stuart: it is. >> you're right to point it out. i like to think i'm intellectually honest enough to do so as well. stuart: we accept that. don't say putin is a friend of china on that, stuart, to be
fair, i apologize explicitly. the fact we in the west do not recognize threat from germany, i'm sorry, from russia and china. the fact that the germans are working with the russians. stuart: quit digging. >> point taken. stuart: doug schoen, get back to florida. >> i'm going. stuart: i know you are. see you soon. thank you very much. russia, speaking of russia, russia rolls out the red carpet for, china. big economic conference in st. petersburg. the two sides signed a package of trade deals. details coming up for you next. also ahead, just days away from those tariffs being imposed on mexico and president trump is also threatened china with additional tariffs on another $300 billion worth of goods. we'll see how our farmers feel about all of this, on the show. meatless burgers, all the rage. we'll speak with the ceo of a
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stuart: the dow is up 40 points after 26 minutes worth of business. hush that hosting chinese premier xi xinping and 40,000 businessman. seems like russia is rolling out the red carpet. we have doug bond dough, senior fellow at the cato institute. are they ingaing up against -- ganging up against america. >> they say the friend of their enemy is their friend. both have real problems with the united states. so they're looking to each other
to try to support each other on economics, foreign policy, our national issues. yeah they are working together against us. stuart: will it work? will they form some kind of, not union obviously, but an alliance, an agreement, which is effective against america? >> the good news they have a lot of issues between them. the chinese particular have been very active in central asia once was part of the soviet union. the russians have to worry about siberia where they don't have many people. the chinese have a lot. the chinese, really economically dwarf russia. so there is some important issues there. their cooperation is anti-america. it is much less pro them. we need to watch it. it is not good when your potential adversaries work together. stuart: did you see this from an i.c.e. official warning that students from iran, russia, china, are stealing military and
high-tech secrets from schools and research centers? that really concerns me because are we now to regard these foreign students with suspicion? that is a real sea change. that really worries me. >> there are problems and real benefits bringing students here. one is simply financial, transforming them bringing them to american society. to the extent we have to worry about them stealing secrets is a very real problem. we'll have to put a lot of responsibility on universities in terms how they use students what they let them do. stuart: what do you think we'll go further than that, really start restricting entry of foreign student? >> there are an awful lot of iranians or russians. the big problem are chinese. there are 360,000 chinese student in america. close to 200,000 of them are in the stem field which is where we worry most about security issues. that is a lot of people to try to block coming here. so we'll have to work on this. this is an important issue.
stuart: it is a very important issue. i wouldn't want suspicion hanging over foreign student hanging over students coming here for a education. i hate to see that. i understand the necessity for security. doug bandow, thanks for being here. >> happy to be on. stuart: russia rolling out the red carpet for china. we understand panda diplomacy, china giving a panda to russia? ashley: two pan todays. two is better than one. stuart: mail or female? ashley: they keep them 15 years as part of a research project. china likes you one of the sign of that good alliance, good feelings, present with you a panda. russia got two. turns out xi and putin met nearly 30 times in the last six years. stuart: really? i didn't know that? ashley: xi called mr. putin his best friend and honored colleague.
they are all bffs. i don't know if it's a trump- macron bromance. as you talked about with your previous guest, this about sending a message to the united states. stuart: it is. a panda message. ashley: indeed. stuart: "bar rescue" guy, jon taffer is in the studios today. he has plans to disrupt the traditional commercial kitchen with a new concept. more automation, fewer workers. we'll see what that is all about this guy, john taffer. stuart: selling of tobacco being banned in one city in california. we'll tell you which city in california. ♪
stuart: we're up barely. 25,500 is the level. tim cook takes a shot at facebook. says, they can't control fake news. tell me more. >> these two have no love lost, between facebook, apple, zuckerberg and tim cook. tim cook speaking on an interview this week, i worry that fake news is not uncontrol. he said in the past, when it comes to facebook itself, you're not the customer, you're the product. when it came to cambridge analytica, he said we would never be in that position. meantime zuckerberg said that is a bit glib, isn't it? there are reports that facebook and zuckerberg employees stop using iphones to use android instead. stuart: there is a fight and a 1/2, isn't it? susan: no love lost.
stuart: get to this where one california city banned nearly all nicotine products. ashley, wait, wait. two questions, number one, it is on the screen. ashley: take a guess. no idea. beverly hills. stuart: beverly hills is banning tobacco. what does it encompass? ashley: cigarettes, chewing tobacco, e-cigarettes, gas stations convenience stores will not be able to sell the products. by the way the beverly hills was the first municipality first to ban smoking in restaurant in 1987. you cannot smoke in beverly hills on the sidewalk, apartment buildings, in parks. they are leading way when it comes to anti-tobacco. weird things, hotels can sell cigarettes through room service which is interesting. they have three big cigar longs in beverly hills as the rich sit back to puff on their cigars, those are still legal which upset some people. stuart: last point, the second lowest rate of smoking is in? ashley: california.
but what is the lowest rate of smoking as a state in the entire country? stuart: utah? ashley: very good. stuart: thank you very much. ashley: you got it. stuart: easy one. beyond meat, the company with the meatless burgers, they report profits, whatever, after the closing bell this afternoon. later on the show we speak with a ceo of a company called, before the butcher. they also produce fake meet products. i think they're being cooking stuff up for us outside. ashley: excellent. stuart: he is on the show. lots of questions for the guy. yesterday on "varney" we had baseball legend pete rose on studio, many of our viewers wrote he should be in the hall of fame. we'll get into that with the man who wrote a book about pete rose. back with more after this. ♪
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stuart: the imf christine lagarde, important lady in international finance. she is talking about the state of the economy. what is she saying. susan: positive, saying that nobody win as trade war. she fully agrees with the fed's approach pausing on interest rates. so right now the imf penciling in growth of 2.6% this year, 2% next year. by the way, did you know that the longest economic expansion will hit a record in july this year? stuart: she is positive on it? >> she is positive. ashley: americans can be proud of the economy, of their economy as it stands. stuart: she listened to my editorial where i'm saying president trump can tell them how do it, get it right.
susan: nobody win as trade war. stuart: that is a platitude. that is a platitude. the news from christine lagarde is, 2% growth in 2020. that is what she thinks. susan: 2% next year. 2.6% this year, 2% next year. stuart: we'll take it. thank you, miss leg guard lagarde. meat less products they report the profits after closing bell this afternoon. i want to bring in another plant based meat company, wait for it, before the butcher. interesting name. they're launching a new uncut brand of meatless products. they brought some in the studio today. the guy in charge of this is danny o'malley. not only brought in meatless burgers but his two sons as well. that is the entourage? >> that is it. stuart: you are doing well. you packed the studio with these people. >> look, why do you have
children but to help you, right? [laughter]. stuart: i have six. wait a minute. you brought this thing. you have them sitting right there. what is the price differential? if that were a regular meat burger, is it cheaper, more expensive than that one? >> this is a premium burger. so it's a little bit more expensive. stuart: how much? >> relatively speaking if you were to go to a restaurant or retail chain, grocery chain, would be more comparable to grass-fed or organic. stuart: okay. how much? >> i knew you would hit me with that. stuart: it has to be. this is a financial program. >> of course. of course. generally we'll be in the range of maybe a dollar more a pound, somewhere in that range. sometimes a little bit more. stuart: okay. i'm told there is a lot of salt in your meatless burger to give it flavor, is that accurate? >> not in our meatless burger but in some other meatless burgers, that is correct. most, generally, 80-20 beef burger will be in the range of 80 to 120 milligrams.
our has 150 milligrams. many of our competitors have 400 or more. stuart: i'm told you will have these products, you don't have them in the stores at the moment. >> right. stuart: that's right. but you will have them in 3,000 stores by august of this year? >> that's correct. stuart: that is one extraordinary expansion. >> that it is. stuart: who is paying for it? >> well, we actually have a new group of investors that have just acquired our company, majority share of our company in san diego. we also have, and they have a food company that is our sister company now that is helping us ramp up production. stuart: if they're sticking a lot of money into you, they have got to be saying, got to be thinking, meatless is here to stay, will continue to expand. you obviously believe that. >> of course. stuart: i could say it's a passing fad. >> you could say that but it is not. [laughter]. it is not. stuart: but we don't know that, do we? >> i think we do. we've seen what happened in very short period of time. this is not a fad. it is, it is hard for me to say
it is a trend. this is a lifestyle change people are making in very big way. this is not going to change. we'll need to make this happen. we'll have not enough protein to feed the world up to nine billion people in 2050. we need an alternative source. this is it. stuart: i would not go into a fast-food chain to buy a meatless burger. >> sure. stuart: i wouldn't specifically for that. i would go into retail supermarket if i want ad meatless product i would do that. >> yes of course. stuart: you're nodding vigorously. >> you are my customer. stuart: you think? >> our customers are meat eaters. we're looking for people for alternatives for various different reasons. one may be because of health reasons. generally baby boomers are in the age, doctor saying, you need to eat a little healthier. how but i will do that? planned based. we're offering alternative. younger generations because of the environment, the planet and
animals. stuart: you're really, you got it. you look -- >> not bad for 70, huh? stuart: are you 70? >> no, i'm not. [laughter]. stuart: that is ongoing discussion on this program. guess how old i am? >> would say one or two years older than i am. stuart: how old are you? >> 56. stuart: i'm 70. >> you look fantastic. stuart: i take that as compliment. >> you look great. when you eat this here, you will feel better eating these type of products. stuart: what is your name again, dan? you're doing well. >> here we go. stuart: look, congratulations. thank you so much. >> thank you. stuart: uncut, before the butcher, we'll follow how you do it. i might be one of your customers. you're doing a great job. >> i appreciate it too. stuart: thank you, sir. next one, on related note here, "bar rescue" host jon taffer is with us. he is our food and drink guy.
i will ask you first question, do you think this meatless stuff is a passing fad? >> no, i don't. i agree. i think it's a food type that is here to stay. i think there is a number of companies who created some really good, appealing products. this is one of them. and here is what i believe, stuart. the future of culinary is not chefs. the future of culinary is technology. stuart: really? >> here's why. the restaurant sector facing 15-dollar minimum wages now. we're facing no labor pools. we can't afford to count on an individual to cook these burgers. i believe 7 years from now there will be machines cooking these ham burgers. we'll see less and less people in the kitchen. we'll see more and more technology. it has to happen. stuart: you have a new concept. what is it called now? >> taffer tavern. stuart: taffer tavern? >> a whole new franchise concept. the whole premise is suvid
cooking, this is a french style cooking in water ovens, cry owe bags, the food is cooked flawlessly, cooked by machines better than humans. jussie, more flavorful in many ways. the point of this, restaurant of the future will not typically have a chef and 20 people in the kitchen. the restaurant of future will have chef in another city, preparing foods to travel in a kitchen more of a satellite where or preparation kitchen with one or two people. stuart: would that apply to high-end kitchens or restaurants, more and more? >> you will see more and more products prepared in these kind of ways. even high-end kitchens will use products whether soups, vegetables sides. stuart: you are introducing this, you want franchised people. >> yes, we're creating the most modern kitchen in the world, focusing on technology for consistency. stuart: wait a minute of the last time you were here you had a new idea, new show. marriage rescue. how is it going?
>> premiered last sunday. it's a big hit. i'm thrilled. stuart: wait a minute, objective, "marriage rescue" the objective to get couple together or amicable divorce? >> sometimes you're right, stuart. they are in a maybe mode. i have to get them to commit to the marriage or commit not being married. stuart: fair enough. >> some people, it's a natural progression from "bar rescue" episodes start from a bad marriage. you will laugh at this. stuart, when you think about a business that a married couple is involved in, their resentment, their frustration destroys the business. if i don't fix the relationship, i can't fix the business. look at a marriage. over 50% of divorces happen for financial reasons. so a marriage is very much business, and a business is all about personal relationships. so it's a natural progression for me. it was an aggressive show, stuart. unlike a marriage counselor, there is no next week. i can be as tough on you that i
want to be, because i won't see you next week. stuart: that is very true. jon taffer you're all right. >> thank you, stuart. stuart: get back to your money. serious stuff here. check the price of oil. we're at $51 a barrel. yes we are, jeff flock at the chicago exchange. jeff, come on in please. it was gas buddy, patrick dehaan, he told me this morning that gas prices all across the country are going to fall big time because of the drop in price of oil. are traders down there saying? reporter: we heard your prediction at the outset of the broadcast. we surveyed traders, survey says you are correct. everybody in the short term does predict falling gas prices and oil too, even the most bullish traders right now, as i look at the last trade up there, we're pretty dead flat, down nine cents. even most bullish traders say
short-term oil is in trouble. that is probably good if you drive a car. phil flynn sent this to me. short-term oil is trouble. phil tends to be a bull. the market is in oversold territory. it could turn. the real test will be last 30 minutes of trading today. that is between 2 and 2:30 eastern time. we'll be on with charles payne to bring that to you. we'll see where oil goes. gas up, wait to tomorrow. it will be probably cheaper tomorrow. one question, where was tapper when i was getting married for the third time? [laughter] stuart: we'll leave it at that. >> there you go. stuart: gas station in texas selling regular in texas, a buck, $1.94. there it is folks. it is coming down. what is coming next, taking a big hit, farmers because of presidential tariffs. question, if we don't get a resolution with china, and tariffs on mexican goods go into effect, will this president lose political support from the farm
in the future. we have the president of the american farm bureau federation. let's propose for one second, if the president imposes these tariffs on monday on mexican products does the president immediately lose the political support of the farm belt? >> no, i don't think he would immediately lose the political support of the farm belt but i do think that farmers would be very uncomfortable with what was going on, you know, our issue, we need to get the usmca trade deal passed in congress and get this on because it is so important to agriculture. stuart: is he listening to you? you're one of the chief lobbyists here for the farm belt. is he listening to you? or does he come back say, immigration, fixing the border is more important than your tariffs? >> no he has not said that i think he knows how important it is but of course the president has a lot of important issues he has to face. we were hoping that the issues would not be overlapping, that
we would deal with trade and deal with immigration in a different arena. stuart: what is the general feeling amongst your members? are they just getting to the point where they have almost had enough? >> well if you look what they're experiencing not only trade wars going on but they're having extreme weather across the country. we have only half our crop in, a lot of our fields are still underwater. there is drought in certain parts of the area. so with overlapping issues hitting the farmers, it has been very difficult for them. it is hard each and every day for them to face what they're facing. stuart: i'm reading between the lines. it sounds to me farmers are not happy with president trump, can i sum it up like that? >> i think they're not happy with the situation they're in. i don't know it is all towards president trump. i know they're all very anxious to finish usmca and get it through congress and i think congress and the administration wants that to happen but we
can't have these roadblocks jumping up in front of us like these tariffs. stuart: there is another side to the coin. that is farmers already receive quite a lot of support. they're getting a $16 billion relief package. we're extending ethanol use into the summer which is a huge shot in the arm for the corn farmers. do you need more help? >> of course, you know, $16 billion is a lot of money to us individually. we all know that. but if you look in the whole scheme of things, what agriculture has the opportunity to do in trade what we've done in the past, what we've lost, it is still just drop in the bucket. that $16 billion will help our farmers get through this year, pay some of the debts that they have on trying to get their crop in this year. and get us to the next crop. so it's big and we very much appreciate it but we need markets. we continue to say that to the president. he has heard us. he quoted that back to us today, that he announced a mitigation
package. stuart: i have got 30 seconds. just speculate for me, will you, come monday, will those tariffs be imposed on mexico, yes or no? what do you think? >> well i'm, yes or no. yes, they probably will be, i don't know what is going on in discussions today. stuart: okay. that is an honest answer. zippy, appreciate you being with us. we hope you come back real soon. we love to hear from farmers in america. >> sure. stuart: house speaker nancy pelosi reportedly told democrats she would like to see president trump in prison. we'll see what south dakota senator mike rounds has to say in that. that is in our next hour. medley, new company, going after the big pharmacies by offering delivery of your prescription drugs to your door. i want to know, are they allowed to deliver opioids or other dangerous prescription drugs? can you deliver that to your door? we'll ask the cofounder of the company next.
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pharmacy prescription company, delivers drugs. they have been around since 2017. they have grown their revenue tenfold in that short time. look who is here, founder, cofounder, i should say, have i got that right? >> you got that right. stuart: let me get this right, it is a subscription service. so if i, let's suppose i have a monthly prescription, i pay you x-amount of dollars per month, deliver it too me regularly to my door every month. that's it? >> for free. stuart: for free. >> for free. stuart: where do you make your money. >> we make money dispensing drugs like every pharmacy. the benefit we have one location in a major city. do same day delivery in that sysy that is so powerful. stuart: where does the subscription come in, i'm the
patient paying the subscription. >> the prescription comes in if there is monthly subscription. if customers have antibiotic, we send the prescription to medley. many of our customers have prescriptions on monthly basis, basically you're a pharmacy which happens to incorporate a delivery service on the side? >> yeah. stuart: that is marketing, loss leader, isn't it? >> you got it. the key is we're pharmacy. my leaders have 30 years experience running independent pharmacies. a lot is changing the way pharmacies interact with customers. stuart: sure. >> we saw why don't we take the pharmacy experience, add technology as enabler, get prescriptions all the way from brooklyn, all the way to bronx. stuart: are you allowed to deliver, what i call dangerous prescription drugs? opioids, for example, are you allowed to deliver that? >> the way it works within our pharmacy os, basically our system within our pharmacy we're able to see whether a customer
is over or under on their medications. we have pharmacy consultation through our app. we make it easy, require signature on delivery. we're really protected -- stuart: that is what i'm looking for. if you're coming to my door, you're dropping off some opioids, for example, i don't want you to leave them on the door that somebody will walk away with them. so i have to sign for them? >> correct. in some cases it depends on the medication but all cases we need proprietorrization you can drop it off we drop it off to get a signature from there as well. stuart: you've been in business since 2017. you have expanded revenue tenfold. >> tenfold. stuart: not a bad start i would say. >> not bad. stuart: do you have the money and inclination to expand to other cities in america? >> here is the interesting thing, we grew the business from zero to 215 employees in less than two years, right? by next year our revenue is going to be in the hundreds of millions ballpark. today we actually announced we have raised the first time ever
venture capital from greycroft. this is some of the best venture capital first in the entire country. they bottom boxed. stuart: know it very well. >> always on the show. they backed some really, really successful companies. we're excited to be a part of that -- stuart: you're a happy guy, aren't you? >> we meditate, we do well. stuart: i'm told that you're 23. >> yeah. stuart: wow. that is not bad at all. >> not bad. stuart: welcome to america. it's a hell of a place. >> we're examples of -- stuart: you are. entrepreneurial ability, put into practice, doing very well. >> yeah. stuart: thank you for being with us. i hope you grow really well. >> thanks so much. stuart: let's change subject complete i. yesterday, look at this, i interviewed pete rose. i think he was one of the more popular interviews we've done on the show recently for sure. pete rose, huge star, one of the game's best players, in my
opinion he should be in the baseball hall of fame. my take, my editorial coming up on that one for you. how about this one? congresswoman alexandria ocasio-cortez, jokingly she does not belong in the hall of fame. her latest socialist idea, everyone should own a home and taxpayers should pay for it. ashley: of course. stuart: what a concept. varney an company, hour three just around the corner. metastatic breast cancer is relentless, but i was relentless first. relentless about learning the first song we ever danced to. about teaching him to put others first. about helping her raise her first child. and when i was first diagnosed, my choice was everyday verzenio. it's the only one of its kind that can be taken every day. it gives us more time without cancer progressing.
verzenio is the only cdk4 & 6 inhibitor approved with hormonal therapy that can be taken every day for postmenopausal women with hr+, her2- mbc. diarrhea is common, may be severe, or cause dehydration or infection. before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. serious liver problems can occur. symptoms include tiredness, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, rapid breathing or heart rate, or if you are pregnant, nursing, or plan to be pregnant. common side effects include nausea, infections, low blood cells and platelets, decreased appetite, headache, abdominal pain, tiredness, vomiting, and hair thinning or loss. my relentless reason: it's them. my choice with my doctor: it's verzenio. ask your doctor if everyday verzenio is right for your first treatment. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday.
stuart: breaking format a little. i want to talk about pete rose. he was on the show yesterday. the interview was about his new book, "play hungry." all right. going into our conversation, i was nervous. not only is pete rose one of the most famous athletes in america, i really don't know that much about baseball, do i. i didn't want to look foolish. if i got into the intricacies of the game you would know real fast that i don't know what i'm talking about. but i was intrigued by the man himself. what kind of man plays hungry
and racks up records that stand for decades? watch this. >> i played hungry and i played aggressively and most importantly, i played to win. i think kids got to understand the only reason you play sports today is to win. it's more fun. everybody has more fun when you win. am i right about that? stuart: absolutely. my, how times change. you play to win. i've watched other interviews with him that concentrated on his lifetime ban for gambling. i wasn't interested in rehashing that argument and neither was he. he's past it. that speaks volumes about the man himself. a great star, kicked out of the game but he's moved on. the book draws heavily on his father, who was a relentless competitor, and pushed young pete to win every time. on one occasion in the early days, pete did not run hard into first. not good enough, said dad, and they drove home in silence. how different from today's
ethic, where there must be no winners or losers and everybody gets a trophy just for showing up. parents, you might want to think about reading this book. pete rose is a man with a timely message. i will close with this. in my opinion, he should be in the hall of fame. america is a forgiving nation. 30 years in purgatory for one of the game's greatest players ever is long enough. let him in. stuart: all right. that was a rather different take and i will tell you now, coming up later this hour i will talk with a sports writer and author of the book "pete rose, an american dilemma." will he agree with me, should pete rose be in the hall of fame? we will ask him. back to your money. check the big board. modest gain today. picking up a little steam, though. now we are up 56, 57 points.
very close to 25,600. the yield on the ten-year treasury right now, 2.11%. but the really big interest rate news of the day is the latest 30-year fixed rate mortgage. 3.82%. a significant drop in a key interest rate. lot more on that with liz coming up later. tomorrow, we get the jobs report for the month of may. let's bring in jeffrey cleveland, chief economist with a big investment firm in new york. no, not new york. some place else. >> we're in los angeles. stuart: i didn't know you were from california. >> that's right. stuart: you are from the formerly golden state with the highest taxes. i did not know that. we will keep you on. >> got beautiful weather. stuart: all right, jeffrey. what do you think we are going to see for the jobs number tomorrow? bearing in mind that yesterday's adp jobs report was miserable,
only 27,000 new jobs. >> well, investors at home need to know the adp report is not the most reliable indicator of what we'll see in tomorrow's jobs report. it's volatile month to month. the 27,000 reading, i don't think that's indicative of job growth right now. we think job growth is right around 150,000 to 200,000. that's what we expect to see tomorrow. stuart: how will the market react? let's suppose you're right and i think you probably are, it's a range of 150,000 to 200,000 new jobs, how does the market react to that? >> the market right now is expecting help from the fed, so the market is expecting the fed to step in with perhaps a rate cut or two later this year. that in our view would be contingent upon weaker actual economic data. so we would need to see weaker job growth. if we get 150,000 to 200,000, i think that puts off rate cuts for the time being and that could disappoint the market. stuart: okay. you are an economist.
we just heard from christine lagarde over in europe, very significant figure in the financial world there. she says america's economy will grow 2.6% this year and 2% next year. she sees no recession. are you in line with that kind of forecast? >> i think she's right. i think that is a great estimate, about 2.5% growth with a little bit of downside risk due to the tariff situation. next year, about 2%. importantly, that is very far from a recession. i know there's a lot of talk from investors given that the yield curve is inverted, worrying about a recession. i don't see one. she doesn't see one. i think she's right. europe, though, i expect much slower growth out of europe. 1%, maybe 1.2% growth this year and next year. they are in a very different situation. stuart: honestly, i think europe is heading for recession. they are almost there, exactly. let me just digress for a second. i want to bring in congresswoman alexandria ocasio-cortez. she wants taxpayers to pay for
everyone to have free housing. just watch this. >> [ inaudible ] as a human right. what does that mean? what it means is that our access and our ability and our guarantee of having a home comes before someone else's privilege to have a home. stuart: you couldn't hear that very well. but the gist of it is housing is a right and we should provide housing as a right to everyone. all right, jeffrey from los angeles, what have you got to say about that? >> well, i'm running for office, i think everyone should have a ferrari. taxpayers should foot the bill. there we go. the good news is you mentioned earlier, mortgage rates. mortgage rates, 30-year mortgage back at 3.82, that in the near term will be the best help for potential home buyers.
you have lower mortgage rates, that will bring buyer traffic back in. i expect to see home sales pick up. the home ownership rate should edge higher in the next few quarters. stuart: i was going to ask about the homeless crisis in los angeles but thought that would be a cheap shot so i didn't do it. jeffrey cleveland, you are all right despite where you are. see you again real soon. >> good to see you. stuart: how about the price of oil this morning? we are still down there at $51 a barrel. i think we are at $51 as we speak. yeah. $51 and down a little bit. the average price for a gallon of regular gas is $2.78. i want to talk about this for a minute. the last time we had oil at $51 a barrel, gas was at $2.24. well, now we are at $51 a barrel for oil and gas is at $2.78. my opinion is we will see a very sharp fall for the price of gas in the immediate future. if we don't, there will be hell to pay. liz: from you.
stuart: more on mortgages with you in a second. liz: absolutely. i will be quiet. stuart: travel websites facing some headwinds with the rise of airbnbs. how much trouble are they in? we will talk to jeffrey hoffman, an early executive at priceline. he helped build expedia. he knows what he's talking about. joe biden unveiled his climate plan. $1.7 trillion worth of spending in ten years. we are talking radical environmentalism with bjorn lundberg, who says climate change is real, must be addressed but we need more than hype and spin. he's on the show. not mr. biden. mr. lundberg. speaker pelosi reportedly told top democrats she doesn't want the president impeached. oh, no. she wants to see him in prison. how's that going to work out for the democrats? i think it might backfire. senator mike rounds responds, next.
stuart: president trump was in france earlier today commemorating the 75th anniversary of d-day. he was at omaha beach in normandy where thousands of men, hundreds of thousands of men, stormed the shore and changed the tide of world war ii. in his speech, president trump honored the american troops, the veterans of normandy. they were present and he said this. you are among the very greatest americans who will ever live. you are the pride of our nation. wonderful stuff. following the ceremony, president trump met with france's president macron and mr. trump is now en route back to shannon, ireland. i say the president, i don't want to go overboard here, but he was a huge success and i think he makes americans feel proud that our guy's over there.
ashley: i think he's had a very good week. i think, i hate to use the word performed but that's the word i'll use, i think he's been very dignified, all the speeches he's given have been perfect. on an occasion that's much bigger than him. i mean, this is a huge commemoration of the 75th anniversary and i thought his tone and pitch and everything as being very good. he started off on the attack, attacking the mayor of london, cnn and bette midler before he even got off the plane and we thought it could be an interesting week. but nothing since. it's been a good week for him. he's been seen among all the dignitaries, among the royalty. he looked and sounded presidential. stuart: this speech today was a very different kind of speech. this was no political rally. this was an honorable speech honoring our veterans and the veterans who were there. liz: it was reverent. he started out, his speech the other day he referred to fdr, the commander in chief, whose four sons fought in world war
ii. i thought that was a really genuine moment. it was similar to president ronald reagan saying these are the champions who freed a continent in 1984. it felt similar in tone. stuart: the president in his conversation with emanuel macron said the first wave of troops to hit the beach, 92% were killed. ashley: omaha beach. stuart: omaha beach. they did not establish a bridgehead, a base, until after the sixth wave. liz: the allies suffered 10,000 casualties. war is hell and these guys went through hell for freedom. that's what the country and the world is remembering today. stuart: we should remember it indeed. thank you, liz, ash. now this. house speaker pelosi told democrats she doesn't want the president impeached. she wants to see the president, president trump, imprisoned. joining us is south dakota
senator mike rounds. senator, your reaction, please. >> well, good morning. look, i don't pay a lot of attention to the political rhetoric on the other side of the aisle over there. the reality is you got a president right now concerned about national security issues and we should be paying attention to what's going on on our southern border. stuart: if we don't have impeachment, i think speaker pelosi understands that it's not going to work, what we do have is endless investigations which will mean, i think, you straighten me out on this, i think nothing gets done in congress. certainly not in the house. >> well, the house isn't doing a whole lot that's going to pass the united states senate at this stage of the game, but the united states senate is most certainly working on nominations. we are working right now on 100 federal judges being approved. we've got two united states supreme court justices that have now been approved. we are going to continue to work on getting those nominations in place and these nominations into the federal workplace also in
place as well. we are going to continue to do our work and continue to try to find some common ground with our friends on the other side of the aisle. stuart: now, these tariffs that are looming on mexico, they are imposed on mexico next monday if there's no give from the mexican side. if they are imposed, does the president lose the support of the republican party? because he's lost some support already. >> i don't think so. i think there are people that have real concerns but i think we've got to focus on where the problem really is. we've got our colleagues, our democrat colleagues who have been in the resist motion while this president has clearly identified the real issue at the border. in the last two months alone, we have had almost a quarter of a million individuals cross illegally into this country. that's more than the population of the largest two cities in the entire state of south dakota. so this is a national security
issue. it's one that we are going to have to come together to find an appropriate legislative response to. the president is frustrated, i understand that. he's using the only tools he's got to bring attention to what is a national crisis. and a humanitarian crisis at the border. if we really want to fix this thing, we ought to set aside the political differences and find a way to stop that flow at the border. if we did that, we would not be having the rest of the discussion. stuart: republican senator mike rounds, thank you very much for being with us. we appreciate it. >> thank you, sir. stuart: we've got a couple retailers worth checking this morning. ubs says that more than 20,000 clothing stores need to be closed by 2026. ashley: they do, because they say it's a huge drag on them, why don't they just put more resources into e-commerce. stuart: yeah. meanwhile, look at the online shopping stocks. mostly they are probably doing rather -- well, it's a mixed bag. amazon's got its own problems with antitrust concerns from the
government. ebay is barely moving. etsy is down. wayfair has been taking it on the chin recently. interesting stuff. we have news from the federal communications commission, otherwise known as the fcc. they just voted to allow phone companies to block unwanted robocalls. apple and other companies can empower customers to block all calls from people who are not in their contacts. that might work. ashley: let's hope. stuart: that's a good idea. update your contact list to make sure you don't block a call from mom. and this from amazon. they are going to use drones to deliver packages to homes. here's the kicker, within months. in other words, it's -- drone delivery is almost upon us from amazon. if you live in new york city, or you plan on going there soon, you may be able to get a helicopter ride using uber. now, there's another good story for you. we've got it all on this show.
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items, toothpaste, household goods, that dhivekind of thing. it starts in the next few months. the drone features artificial intelligence. the point is, look, it starts in a couple of months. here we are. liz: no refrigerators. stuart: uber will begin offering helicopter rides in new york city. they start next month. you will be able to book the flight through your uber app. but only special customers can actually get into it. the cost is $200 to $225 per person which is actually very cheap. ashley: pretty good. stuart: and very fast. they may extend it to elsewhere in the country, too. bmw and jaguar land rover are getting together to develop electric car technologies. the two of them say they will work together to create electric transmissions, power electronics and electric motors. they both say they will save money through shared production
planning and research. more competition for tesla. by the way, tesla is up big. tesla has delivered 33,000 vehicles in north america this quarter, a large number. investors love it. up $13. ashley: wow. stuart: tesla back at $209. didn't see that coming. ashley: no. stuart: hertz will launch a car subscription service called hertz my car, starts in austin, texas and atlanta, georgia. the price, about $1,000 a month for a full size sedan, small suvs, trucks, that kind of thing. if you want to go larger, regular suv, larger truck, it comes up to $1400 a month. to enroll, hertz charges you $250 and there is a 2,000 mile per month limit. liz: usually the nickel and dime fees get you. sounds like a great start point. stuart: well, fewer people are renting cars these days. liz: that's true. stuart: because of the ubers of
this world. they go to a subscription service which locks you in to hertz. liz: interesting. stuart: i've got your voice. several headlines on climate change. joe biden revealed his climate plan that costs $1.7 trillion, spread over ten years. $170 billion a year. alexandria ocasio-cortez says we need at least $10 trillion to fight climate change. senator elizabeth warren wants $2 trillion for green manufacturing. let's call it radical environmentalism, shall we? bjorn lundberg, reasonable environmentalist, is next.
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stuart: i'm going to call it a rally. for the third day in a row, tuesday up 500, wednesday up 200, this morning we're up almost another 100 points, reaching 25,600. the vast majority of the dow 30 are in the green. they're up. now, take a look at this headline. our guest wrote it. quote, can the west still govern, trumpian nationalism may be on the rise but most democracies are in gridlock.
dan henninger wrote it, "wall street journal" editor, deputy editorial page editor. what do you mean by that, dan? democracy's in gridlock? >> they're not getting much done. i think that explains the rise of these alternative parties. brexit, the referendum passed in 2016. we know what has happened since. zero. nothing. here in the united states, we can't pass an immigration law, we can't pass a health care law that works, and obviously, there are nothing getting done much across western europe. you have seen the rise of all these alternative parties and it just has the elections for the eu parliament last week which is supposed to be the great threat to sovereignty, national identity. a lot of the traditional parties went down in those parliamentary elections and the alternative parties rose. what struck me is all this seems to be happening simultaneously. what's the common thread here? as i said, a lot of people like steve bannon argue it's about national identity. i think it's about something
bigger than that. it's about the fact that in the whole post-war period, it's now about 70 years, what has the west been doing? building a welfare state of extraordinary massive dependency, right? we have talked about it here on this program. it is now so expensive, in fact, it's a demographic time bomb. there aren't enough younger workers to support the older people retiring. the left has decided the only way to keep this going is to extract taxes and revenue from the private sector. the right is trying to resist that. i think that reality, you see it here in the united states, you just mentioned these extraordinari extraordinarily factuous proposals. the left and right have become so far apart on the issues of reforming the welfare state that the possibilities of compromise just aren't there. that's the gridlock we are seeing across the west. stuart: that's why you've got brexit. that's why you've got donald trump. that's why the european union is
falling apart. you tell me. is this situation going to change? are we going to turn that around at all? >> well -- stuart: i don't see it. >> i don't see it, either. one of my readers wrote in and said most of your columns leave some hope. this one didn't have much hope at the end. i think it is a big problem. it is kind of pressuring the governmental models that we have now. the legislatures, the parliaments are becoming less important. the executive, whether it's the president or macron in france, you are seeing more executive authority, more getting done through executive order. that would be a new system for the west because it's always been kind of a partnership between the legislatures and the executive. you can see it here in the united states. congress is becoming less relevant to execution of policy. stuart: 20 seconds. you don't like it, do you? >> no, i don't like it. i like the balance and it's a threat to democratic norm. we have places like china and russia offering alternative systems. we don't want to go there. stuart: i don't know how we get
out of the mess we're in. i don't know how we do it. dan, good stuff. thank you very much indeed. now, let's get back to the green plans, climate plans. joe biden revealed his climate plan. he wants to achieve net zero emissions by 2050. the cost of that is $1.7 trillion over ten years. senator elizabeth warren revealed her plan. she calls it economic patriotism. it's a $2 trillion investment for green manufacturing. congresswoman aoc, alexandria ocasio-cortez, says we need at least $10 trillion to fight climate change. come in, please. we need help with this. bjorn lomborg. we call this guy on your screens now a reasonable environmentalist. let me ask you this. do we need to spend trillions and trillions and trillions to fix the climate?
>> not if we try to fix it smartly. unfortunately, most people say we just want to throw lots and lots of money at this problem and achieve almost nothing. if we are going to fix climate change, we should fix it smartly through innovation. innovation happens all the time and fixes most of the problems civilization has met. that we can do for about $100 billion so we are talking about maybe $30 billion for the u.s. stop wasting trillions and start spending billions smartly. stuart: i got the gist of that but i'm afraid i have to cut it short because we can't hear you very clearly. that's not broadcast quality audio. i do regret this but you are telling me very clearly we don't need to spend trillions and trillions of dollars, we can feks fix it for $100 billion if we have some innovation. we will try to get back to you. is it better? come back in again, please. i want to make sure we have broadcast quality. all right.
how do we fix this problem? >> we need innovation. if you get innovation, you can get everything going. if you can get cheaper green energy, you can get china, india, everybody on board. but if you try to solve this problem by telling everyone they have to have as expensive energy as you possibly can, you will get yellow vest protests, you will get people saying no, we don't want to pay for that. that's why this needs to be done through innovation. that's what the u.s. has always done and you can do that much, much cheaper and much more effectively. stuart: now, we hear you. i'm afraid i have to end it right there because it's not real clear. not quite the quality we wanted. thanks for trying at least. i want to get back to the 30-year fixed rate mortgage rate. it's all the way down to 3.82%. that is astonishing. liz: did anybody see this coming? it's astounding. we were talking about rates
possibly going up toward 5% last year. now -- stuart: the treasury yield plunged to, what, 2.10, around there, we figured mortgage rates had to come down. this is remarkably quick drop. liz: it's a hockey stick action going down. the ten-year treasury's near a two-year low. this rate, we haven't seen a rate like this since 2012. there was a rush to safety into the ten-year treasury during the obama years because of slow growth, the financial markets were still rocky but when you are talking about this seven-year low, we are seeing median house prices still at record highs. $315,000 for a median house price at realtor.com. stuart: i take your point. i don't know whether it will help the housing market in terms of sales but surely it would help the refi market. liz: that's right. you know how much is ready to be refinanced? $2 trillion. $2 trillion worth of mortgages ready to be refinanced. we are seeing those numbers
moving higher. stuart: if i took out an adjustable rate mortgage, say two, three years ago, and i'm facing an uptick in the rate that i pay as the adjustable rate adjusts, i would be very tempted. ashley: lock it in at 3.82%. liz: it's like free money. stuart: it is. ashley: why wouldn't you. stuart: why wouldn't you. exactly. shall we tell the audience all over again? 16% mortgage for you, 12.5% mortgage for me. you are laughing at us. liz: you should have waited. stuart: i was in no position to wait. i had six kids. pretty soon, we are going to talk with -- we are talking about pete rose with the man who wrote the book about him. i say america is a very forgiving place and i think pete
rose should be in the hall of fame. i will ask mr. kennedy what he thinks about that. travel website priceline, expedia, et cetera, are facing big headwinds. how they are dealing with the likes of airbnb. we talk to jeffrey hoffman, one of the early executives at priceline, also part of the team that built expedia. we'll be right back. my experience with usaa has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life. ♪ get your usaa auto insurance quote today.
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sensation because a lot of people said it looks like a cheese grater. that's what they say it looks like. it's getting a lot of flack for that. no impact on the stock which is up a buck at $183. the cheese grater. travel websites like priceline and expedia are facing some headwinds because of the airbnbs of this world and because some hotels now say hey, you can't book through the expedias of this world, you got to book direct with us. that hurts their business. come in, please, someone who is an early executive at priceline and he built expedia, part of the team that built it. that man right there is jeff hoffman, who joins us now. driving forces enterprise ceo. jeff, are these sites like expedia, for example, are they under real pressure? are they having some of their profit margin taken off them? >> they are. by the way, i want to book my travel on a cheese grater next time. stuart: that's what it looks like.
>> it's the clash of the titans. they are battling head-to-head and trying to get into each other's businesses, right. you know, booking.com, part of the booking holdings platform, priceline family, they actually have more listings now i believe than airbnb in apartment rentals so they are trying to get into that space and meanwhile, airbnb bought hotel tonight so they can provide discount hotels. they are definitely going at it, expedia as well is getting into the apartment rental space and others. the big guys are definitely fighting it out. stuart: so you are part of the team that built expedia, correct? >> yes. we built the back end. stuart: i'm in the hotel business, and you guys are killing me. our guests used to book directly with us. nobody does that anymore. no, they go through expedia. expedia takes its piece and that reduces my profit margin significantly. do you know what you're doing here? >> it does but in the end, i
think the consumer's going to win. everybody's trying right now to become one-stop shopping for you so if there's a cost in that model for convenience, somebody's got to eat that cost. unfortunately, it might be hotel owners like you. but one-stop shopping is what it's all about. that's why, for example, priceline bought open table and rental cars.com. everybody is trying to be one place to plan your entire vacation so you don't have to go to a lot of sites to get a trip planned. that's the big focus now. stuart: when i think of airbnb i think they are going public i believe sometime this year, i think that's the plan. how do you feel about that? where do you think airbnb is going when it's a public company? >> you know, i do think that that's interesting, testing the public market like that. i think part of the reason they want to go that way is for the additional funding, for the resources they need. battling some of the giants like booking has a much larger --
booking holdings spends $5 billion a year marketing because they have that kind of money. airbnb does not. i think going to the public market to raise capital so that they can fight in that, they can market bigger and better and be hipper and cooler, i think that's a lot of what their focus is and it will enable them to do more related acquisitions in the one-stop travel planning space. stuart: i know you are a tech guy so i'm going to ask you a big tech question. amazon, facebook, google facing possible antitrust pressure, shall we say, from the government. do you think those three companies, any of those three companies, do you think they should be broken up? >> well, i think that it should be looked at, right. i notice congress keeps talking about this but in fact, we have the federal trade commission, we have entities whose job it is to professionally study antitrust. that's why there's the sherman act and clayton act and ftc act. i think it needs to be studied. i need to see real data, real
proof that this is harming other businesses, harming consumers, better for the consumers. there's a lot of conjecture but i would love to see a real study to say what is the price of allowing these companies to get too big and who is paying that price. it might just be that some of them do need to be broken up to level the playing field. i juvest haven't seen the data yet. stuart: how do you feel about facebook or google which shall i say abuses my privacy. they lose my personal information. what do you think should happen to them? >> yeah, i feel like -- i think the penalties just aren't stiff enough. we continue to have major data breach after major data breach. if you were to compare, say you looked at the data privacy laws in germany, those have teeth. there are penalties that cause companies to take much bigger steps to protect data. i just feel like the consequences of these data breaches, you read about a data breach but you don't read about what happened to those
companies. maybe they get fined some minute amount they can easily afford and it doesn't make me feel as a consumer like anybody is doing any more to protect my data. i just feel like we need to step it up both in the technology and in the consequences of not protecting our data the way it should be protected. stuart: i see that coming down the pike. i think that's exactly what is going to happen. jeff hoffman, thanks for joining us. appreciate it. >> thank you for having me. stuart: i will forgive you for what you have done to my hotel holdings. you're all right. >> thank you. stuart: by the way, google just closed a deal to buy a data analytics firm called looker and they paid $2.6 billion but the stock is still under pressure because of those antitrust concerns from the government. just above $1,000 a share on google. yesterday, i had the privilege of interviewing baseball legend pete rose. fascinating for me. i say look, my opinion is put the man into the hall of fame. we are talking about pete rose with the man who wrote a book
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can i give you a quick story? >> please do. >> okay. i come out one time, i'm a batting champion, '68-69 so i'm pretty much a star in the league. in 1970 i come out and my dad's standing by the car so right away i think my mom's sick. this is the way i was raised, okay? and i said is mom sick? he said i got a question for you. he said tonight, that third time up when you were batting and you hit a ground ball to second, there was a man on third, he said did you run hard to first? i had to think about it and i didn't, because i was mad because i didn't hit the ball harder, and i said no, i guess i didn't. he said don't embarrass me in this town like that. i told you when you hit the ball, you run until the umpire says out or safe. he said i'll see you tomorrow. i said okay.
i have never not run a ball out since then. i even run down the corridor here to get here. don't stop running. stuart: very engaging guy, pete rose, talking there about his father, of course, and how tough his dad was on him. then i asked him, all right, how do you feel about not being in the hall of fame. roll that tape too, please. you an angry guy? you're not in the hall of fame. >> no, i'm not angry. stuart: i'm not going to raise all that. are you angry? >> no, i'm not angry. why would i be angry? i'm the one who screwed up. i'm not going to get on your show and complain about not being in cooperstown but i'm the one that messed up and i'm willing to go on with it. stuart: i want to hear more about this. joining us is kostya kennedy, sports author of "pete rose, an american dilemma." welcome back to the program. i think pete rose should get into the hall of fame. what say you? >> i think the biggest mistake there is there's never been a vote. stuart: what? really? >> yes. stuart: i didn't know that. >> right. so before he was scheduled to be eligible to go in five years
after you retire, they put up a rule which says if you are on baseball's ineligible list, which pete rose was, gambling on the game, you're not allowed to be voted on in the hall of fame. so took the vote out of the sportswriters' hands and he's the only person who has never been afforded that right. stuart: if there was a vote today, for example, if it was a vote, free vote today in or out, which way would it go? >> i think it would be awfully close. they make it tough to get into the hall of fame. you need 75%. it's not just getting a pluralistic decision or getting even a simple majority. you have to get 75%. there's a lot of people who feel as you do who should be in. there are other people who realize that, you know, it's not just pete saying hey, i bet you 50 bucks on the game. he was making serious bets to organized money repeatedly on the game. that's a threat to the integrity of the game. there are people who might choose not to vote for him. stuart: see, i deliberately did not get into all of that during our interview, because i just thought i didn't want to rehash that. i wanted to find out what kind
of guy he is. i have never met him before. i know who he is. i never met him. he came across as a dynamic competitor, win, got to win, get right out there at you. that's the kind of guy he is. >> he was such a special player, really, not just in his achievements, more hits than anyone in baseball history, incredible achievement, but the way he played was so, you know, it excited you, it inspired you. people say oh, people don't play like that today. they didn't play like that then, either. pete was a special case. the way he approached the game, if you were a fan, you got your money's worth from pete rose every night. whatever happened, he tried his hardest and he was a great, great player. stuart: i asked him what he thought of mr. trump. he came right out, said i like the guy. >> yeah. stuart: he didn't say anything about liking the politics. he liked the guy. >> well, it doesn't surprise me at all. pete was always kind of a guy who's like i'll do it my way, say what i want to say, do what i want to do. one thing about donald trump, he's certainly that, right? he's broken all the rules.
pete did, too. it helped pete and it hurt him. kind of similar to donald trump in some ways, you know. it has both sides of the coin. stuart: kostya, i will reread your book. please leave it there for me. it was a great pleasure having you back on the show. >> great to be on with you. stuart: thank you very much. all right, everyone. one of the most recognizable houses in television, tony sparano's house, it's on the market. we will tell you how much it's going to go for and how much the taxes are. we are that kind of show. back after this.
house. that is tony sopranos house as in the hbo series. ash, tell me how much. ashley: $3.4 million. it is 5600 square feet. it is a big home. nat said you keep the ducks used where mr. soprano. stuart: yes. ashley: there were a lot of shots in the kitchen and outside. stuart: is value up because of soprano home. >> yes. other homes are worth 1 1/2 million. because of association with the sopranos they believe the value 3.4 million. stuart: elizabeth are you're telling me how much taxes are in 3 million-dollar home in new jersey. liz: $34,000. 1 1/2 acre lot. what i love about the story, the wife who owns this house, they say hi, mrs. soprano. [laughter] stuart: sometimes a house with
notoriety has attached to it goes down in value. this is up in value. why? ashley: i bought tony soprano's house. liz: the "brady brunch" house doubled in value after it was listed for 3.4. stuart: really? case closed. my time is up. neil it is yours. neil: they will not get that for this house? stuart: why? are they your neighbor? neil: that's i irrelevant. we have a lot of developments. whether the tony soprano house ever sells, but the president commemorating the 75th anniversary of d-day. the significance of that, what is at stake if we forget the significance of this day with former defense secretary chuck hagel. he is coming up. the corner of wall and broad, this would make it three in a row. the dow is trying to break, you know what is a six-week losing streak. we have jackie deangelis, the